BRC-20 tokens have been responsible for almost half of all Bitcoin transactions since May, reaching a peak of 65% on May 7th. This has led to increased fees and transaction backlogs on the BTC blockchain, with fees per transaction averaging over $16 and peaking at $29 on May 9th.
The popularity of BRC-20 tokens is due to their compatibility with the Bitcoin blockchain and lack of smart contracts, but Bitcoin core developers are considering taking action against them and Ordinals, which are seen as network spam. The market capitalization of BRC-20 tokens exceeded $1 billion on May 9th, with a trading volume of $207.7 million in 24 hours.
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